Treasury Secretary Scott Bessent told Semafor this week that a proposed executive order requiring banks to collect citizenship information from customers is “in process,” the clearest signal yet that the Trump administration intends to close a gap that has allowed illegal immigrants to access the American financial system with little scrutiny.
The disclosure, first reported by The Hill, moves a policy idea that had circulated for months into something closer to reality. If signed, the executive order would direct banking institutions to request additional identification documents from customers, a step that could reshape how millions of people interact with the country’s financial infrastructure.
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